WTO DG discusses green energy transition, trade trends with shipping industry leaders
World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala discussed with CEOs of shipping companies the resilience of trade and supply chains recently at its Public Forum. They exchanged views on the latest trends in global trade and in maritime shipping and discussed the challenges facing the industry, including geopolitical tensions, standardisation, and requirements for the transition to green energy. “You are a trade barometer. Getting real-time information on what is happening in the shipping industry is an indication of what is happening in trade,” the Director-General said.
The Director-General emphasised the resilience of global trade despite the challenges posed by the Covid-19 pandemic, climate issues, inflation and geopolitical tensions. She acknowledged the industry’s efforts to mitigate and navigate unexpected changes.
Despite all the challenges, the Director-General noted that there are real opportunities, and that these opportunities need to be leveraged into better and more inclusive globalisation. She noted that through diversifying supply chains, more developing countries will be able to enhance their trade growth opportunities.
The shipping executives highlighted the resilience of the maritime industry, noting strong growth in trade volumes despite geopolitical tensions and challenges like the Red Sea crisis and other uncertainties. They also highlighted the efficiency of shipping as a mode of transport and noted their commitment to the transition to net zero and decarbonisation. They underscored the importance of harmonising environmental regulations and the need for standardisation in the area of green energy.
They also emphasised the need for public-private partnerships and international cooperation to invest in green energy infrastructure in support of the transition to net zero, as per a release.
Source: Exim News Service; London, Sept. 19